Should I Give More of My Inheritance to Some of My Children?

Book An Initial Call Now
POSTED ON: August 23, 2023

SHOULD I GIVE MORE OF MY INHERITANCE TO SOME OF MY CHILDREN? Most people think children should inherit equally. However, you may contemplate treating your children differently for various reasons.

AARP’s recent article, “How Should Your Children Inherit? 4 Scenarios Where ‘Equal’ Is Not Appropriate, gives us some situations where an equal inheritance might not be appropriate and the pros and cons of treating children differently.

Scenario #1: A Caretaker Child/Child Lives with the Parent. One child often primarily helps an elderly parent. This could include helping with medical appointments, coordinating care with various health care providers, being heavily involved in end-of-life care, paying bills and companion care. Such care is often provided by a child who lives with or is close to the parent.

Therefore, if a child lives with the parent, it may be appropriate to leave the home to that child to the exclusion of others. A parent may give the caregiver-child a larger portion of the inheritance in recognition of the additional help provided.

Scenario #2: A Special Needs Child. If a parent has been the primary caregiver for a special needs child, the estate plan should consider this to make certain that the child will be adequately taken care of after the parent’s death. With the potential of government aid, this can require a special needs trust or supplemental needs trust for the child. As a result, the trust will hold more or less than an equal share of the estate.

Scenario #3: A Child with Issues. If a child has issues, such as mental illness, substance abuse, divorce, or creditors, or is poor with money, you may not want to leave them an outright inheritance or any inheritance. The same is true for an estranged child. A trust will provide some (protective) support for such a child.

Scenario #4: Kids with Wealth Disparities. Sometimes a wealthy child may tell a parent to treat them differently and give more to other siblings, or a parent may feel that a wealthy child doesn’t need the inheritance. However, a person’s wealth can change over a lifetime, so this should be well thought out.

Being completely open and honest with your estate planning attorney about how this might be received in your family is essential. That way, the choices can be considered carefully.

Book your phone meeting: THE LAW OFFICES OF CLAUDE S. SMITH, III


Reference: AARP (December 19, 2022) “How Should Your Children Inherit? 4 Scenarios Where ‘Equal’ Is Not Appropriate”

Let Us Help You Through This

Reach Out Now

What Sets Us Apart
We understand this process can be difficult. We ease you through it with your best interest in mind.

Legal problems are extremely stressful, especially when your family, your health, or your freedom are at stake. At this point in time, you may not even be sure what kinds of questions you need to ask a lawyer, but that’s entirely normal. Whether your situation involves family law, estate planning, elder law, a criminal charge, or a personal injury, we will start by giving you all the information you need.

The way we see it, you deserve to get this information directly from an expert. That’s why we make it easy for you to get in touch with your lawyer, and we never ask you to sit down with a paralegal or assistant instead.

As our relationship continues, we will keep you updated about the status of your case every step of the way. Your lawyer will reach out regularly to tell you about any new developments, and he will also be happy to answer any questions you have throughout the process.

Join Our eNewsletter

Stay informed and updated by subscribing to our eNewsletter!
Subscribe Now!
Law Offices of Claude S. Smith, III

805 Bigley Avenue
Charleston, WV 25302

Get Directions
Integrity Marketing Solutions - Estate Planning Marketing
Powered by